Posted on: 22nd Jan, 2013 01:30 am
Hi there… I’m planning to file bankruptcy in future. I have some queries – will my cc companies close my cards because of the bankruptcy? I have a new car from 2011 – will I have to surrender it?
You will have to list all your debts and assets when you file bankruptcy. As far as I know, even if the cards are not closed due to the bankruptcy, you won't be able to use them unless you get a discharge. But again there are high chances that the cards will get closed. As far as the car is concerned, yes, you may have to surrender it.
Your credit cards will almost always be closed when you file for bankruptcy. Regarding your car.....you will almost always have the option of reaffirming the loan on the car and keeping it.